Aldar Properties recently revealed the financial results of its first quarter of 2015, which shows an increase over the first quarter of 2014.
The company increased its net profit by more than $168 million, which is an increase of 36 percent compared to the first quarter of 2013. The company’s leaders attribute this increase to growth in high margin land plot sales and recurring revenues.
The gross profit from the first quarter of 2015 rose by 61 percent compared to the first quarter of 2014, amounting to more than $100 million. This is due to the ongoing stabilization of Yas Mall, and a strong performance from the company’s hotel portfolio and leased residential units.
“We have seen a strong first quarter driven by the growth in recurring revenues from our investment property portfolio, specifically Yas Mall and our expanded residential asset management units which support the underlying quality of our earnings,” Aldar Properties CEO Mohammed Al Mubarak said. “The positive interest in our recently announced developments in Yas Island and Shams Abu Dhabi and the demand for our Al Merief and Nareel Island land plot sales demonstrates that we are bringing the right mix of product to market. Our balance sheet continues to go from strength to strength and we remain committed to our debt strategy.”